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Contents contributed and discussions participated by Kripansh Sharma

Kripansh Sharma

Fannie Subpoenas to Show $30B Bad Mortgages, Rosner Says - Bloomberg - 0 views

  • Fannie Mae and Freddie Mac’s regulator may identify as much as $30 billion of debt included in mortgage bonds that the companies can force sellers to repurchase, according to Joshua Rosner, an analyst who in 2007 predicted the collapse in the market for the securities.
Kripansh Sharma

Sorry for risks, bad decisions, bankers tell Congress | Business | Chron.com - Houston ... - 2 views

  • Americans are furious and “have a right to be” about the hefty bonuses banks paid out after getting billions of dollars in federal help
  • The four bankers represent institutions that collectively received more than $90 billion in direct government assistance from the $700 billion federal bank bailout and availed themselves of billions from the Federal Reserve. Goldman Sachs received an additional $12.9 billion in bailout money that had gone to AIG.
Kripansh Sharma

Wells Fargo, Bank of America, 15 others hit for pay during crisis | New Mexico Business... - 1 views

  • Wells Fargo & Co. and Bank of America Corp. were among 17 banks criticized Friday by U.S. pay czar Kenneth Feinberg for collectively paying out $1.6 billion in bonuses and other additional compensation to executives
  • All the payments took place in the five months between September 2008, when bank bailouts began, and February 200
  • The payments were not illegal but were “ill advised” and lacked a clear rationale, he said.
Kripansh Sharma

Backdoor Bailout - Furor Over Bofa's $2.8b Mortgage Settlement | LoanWorkout.org - 0 views

  • Bank of America is getting blasted with accusations of a “backdoor bailout” for its $2.8 billion settlement with Fannie Mae and Freddie Mac over billions of bad mortgages.
  • faulty mortgages the bank sold to the pair during the housing bubble.
  • The outrage stems from BofA’s agreement to pay just $1.28 billion to Fannie and $1.52 billion to Freddie to resolve a dispute over loans purchased between 2005 and 2007 that the pair claims were improperly created.
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  • BofA became the largest mortgage lender after it agreed to purchase troubled mortgage giant Countrywide Financial in 2008. It’s mostly loans originated by Countrywide that are viewed as the biggest problem for Fannie and Freddie.
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